does this class as being missold loan ppi?

asquiths_2

hi we've been paying our loan for 11 months now and the ppi is £95.50 per month.

i've only just become a member of this site but through the links i've read i decided to check to see if i could get the ppi cheaper elsewhere.
i got a qoute from paymentcare for £28.50 for exactly the same cover!!!

so i phoned the bank to ask if it was possible to cancel. they said no only within 30days of it starting, unless we retake the loan out with an additional minimum of £1000!!! which we do not want to do!!!

i then told them the reason was that i had had a cheaper quote elsewhere for the same ppi!!
they then decided that they would be able to beat the quote i had by us taking out life, critical illness cover instead of the ppi but that covered us just the same.
i asked why this was not suggested to us origionally but he just said well it wasn't me who you took the loan out with so thats it!!!!!

does this class as being mis-sold ppi?

Conor_3

Nope. Being mis-sold PPI is being told it covers you when you're working for an agency even though the T&C clearly state it doesn't.

Just because you didn't do your homework doesn't mean you were missold it.

southernscouser

I think you have great claim for getting your money refunded or at the very least being able to stop paying it!

It is a complete con in my opinion and I advise everyone not to bother with it!

Did you PM the poster of that thread I directed you towards for the template letter. It would seem that it is quite successful in getting money refunded.

Give it a go! The worst that can happen is they say no!

asquiths_2

thanks i have posted the letter today!!! so fingers crossed

i also phoned the bank again this morning to try and arrange an appointment when me and hubby can go in to re-finance the current loan to bring it down to 6.9% instead of 8.9% WITHOUT PPI!!!!!!! wait for it..................
they have now decided we won't be able to refinance unless we take out a further £1000 which of course we aren't willing to do.
I explained that we were struggling with the high payments at the moment and that we could get the ppi elsewhere for £67.00 per month cheaper. then the gent i was speaking to said whoever sold us the ppi should have explained about the alternative of critical illness, life cover as if would have been more suitable for us and even cheaper than the £28.50 quote. soooo in my mind he just confirmed to me the fact that we were basically told we wouldn't get the loan without it and not even given the alternative!!
i would class this as being mis-sold it!!!
thanks to everyone for your advice and i'll keep you posted.

southernscouser

asquiths wrote:

thanks i have posted the letter today!!! so fingers crossed

i also phoned the bank again this morning to try and arrange an appointment when me and hubby can go in to re-finance the current loan to bring it down to 6.9% instead of 8.9% WITHOUT PPI!!!!!!! wait for it..................
they have now decided we won't be able to refinance unless we take out a further £1000 which of course we aren't willing to do.
I explained that we were struggling with the high payments at the moment and that we could get the ppi elsewhere for £67.00 per month cheaper. then the gent i was speaking to said whoever sold us the ppi should have explained about the alternative of critical illness, life cover as if would have been more suitable for us and even cheaper than the £28.50 quote. soooo in my mind he just confirmed to me the fact that we were basically told we wouldn't get the loan without it and not even given the alternative!!
i would class this as being mis-sold it!!!
thanks to everyone for your advice and i'll keep you posted.

Pardon my french but they are such w*****s! :mad: :rotfl:

Good luck.

asquiths_2

Rofl I Agree!!!!!!!!!!